24 projects raised $207 million this week, led by OpenMind ($20M) and SuperGaming ($15M), while Verb, CEA Industries, Satsuma, and ZOOZ announced over $1.46 billion in digital asset treasury allocations. Phantom acquired Solsniper and Ripple acquired Rail, and Scenius Capital and Victus Global launched new venture funds totaling $30 million. Kyle framed Internet Capital Markets as a sign of crypto’s maturation toward institution-grade primitives, Dan Robinson argued the Senate’s ancillary asset bill offers clearer protections for DeFi, and Diogo Mónica highlighted Generative Finance as an opportunity for AI-powered, programmable financial products. Here’s the breakdown of this week’s top deals and insights.
VC CT: Kyledescribed Internet Capital Markets as crypto’s evolution from memes to institution-grade primitives; Dan Robinsonbacked the Senate’s ancillary asset bill as a clearer safeguard for DeFi; and Diogo Mónicapositioned Generative Finance as a near-term frontier for AI-driven, programmable financial products.
Notable Deals
24 projects collectively raised $207 million last week. Here are the nine that stood out:
In recent months, onchain treasury activity has accelerated, with corporate and structured vehicles increasingly accumulating tokens at scale. Here are notable examples from the past week:
The Pitch: Verb Technology Company, Inc. (Nasdaq: VERB) announced plans to rebrand to TON Strategy Co. (TSC) and become the first publicly traded treasury reserve of Toncoin (TON).
Round: $558 million private investment in public equity (PIPE)
The Pitch: ZOOZ Power Ltd. (Nasdaq/TASE: ZOOZ) completed its initial private placement as the first step toward becoming the first dual-listed (Nasdaq and TASE) company to adopt Bitcoin as a treasury reserve.
Round: $180 million Initial Private Placement
M&A Activity
Phantom acquired Sol Sniper
PhantomacquiredSolsniper, a high-speed trading and analytics platform on Solana, to enhance its offering for advanced traders and accelerate its transition from wallet to full-stack consumer finance platform. The deal brings Solsniper’s precision trading tools and veteran crypto team into Phantom, enabling new feature development and expanding its reach to power users. The acquisition marks Phantom’s first major step in a broader strategy to scale onchain finance through product-driven M&A.
Ripple acquired Rail
RippleacquiredRail, a stablecoin payments platform, for $200M to expand its leadership in digital asset infrastructure. The deal enhances Ripple’s offering with virtual accounts, stablecoin on/off-ramps, and back-office automation, positioning the company to capture rising demand for global B2B stablecoin flows.
Funds
Scenius Capital VC Fund – $20M
Scenius Capital has closed a slightly oversubscribed $20 million fund of funds to back emerging crypto venture managers, focusing on smaller early-stage funds with domain, geographic, or ecosystem-specific advantages. The raise, completed in a challenging fundraising environment, coincides with ParaFi Capital taking a strategic stake in the firm to support its growth and the launch of a token capital markets advisory arm.
Victus Global Fund – $10M
Victus Globallaunched a $10 million investment fund targeting low-cap crypto projects with proven traction, focusing on second-round financing within its ecosystem and partner network. The fund marks the firm's evolution from institutional trading and OTC services to full-stack digital asset investing.
Argued that Internet Capital Markets represent a maturing phase of crypto speculation, where onchain assets and capital formation mechanisms evolve from vaporware and memes to durable, institution-grade financial primitives.
Advocated for the Senate’s ancillary asset approach to crypto legislation as a clearer, more workable framework than both the Howey test and the House’s CLARITY Act, emphasizing its potential to protect DeFi and foster sustainable innovation.
Outlined a near-term vision for Generative Finance, where programmable tokens and AI enable customizable financial products, framing it as crypto’s adjacent possible rather than a distant future.
Quick Recap
Total Deals: 24
Total Raised: $207M
Digital Asset Treasuries: $1.46B
Acquisitions: 3
Newly Launched Funds: Scenius Capital VC Fund ($20M) and Victus Global Fund ($10M)
That’s a wrap for this week’s Crypto Venture Weekly. Thanks for tuning in, and see you next week!
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Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
Jake is a Research Analyst on the Protocol Research team. He previously worked as an Investment Analyst at an AI-driven crypto research platform and as a Venture Analyst at a digital assets venture fund. He advised multiple RWA tokenization projects on tokenomics. Jake graduated from the University of Southern California, where he studied Philosophy and Finance.
Alice is a Research Analyst on the Protocol Services team. She previously worked as a Research Analyst at The Block and was an Investment Intern at Variant Fund. Alice graduated from Northwestern University, where she studied Economics.
